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Close out: Difference between revisions
Removed redirect to Close-out netting
Amwelladmin (talk | contribs) (Redirected page to Close-out netting) |
Amwelladmin (talk | contribs) (Removed redirect to Close-out netting) Tag: Removed redirect |
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The apocalyptic act of bringing your derivative relationship with your counterparty to an unscheduled conclusion. Usually will only happen in a time of utter market panic, accompanied with fear and loathing, when the counterparty has morphed from a being a great guy with a ready joke and some chat about the kids as he put on yet another levered position to a shadowy, elusive figure who won't return your calls and, when you can find him. makes gnomic utterances and swears blind his operations team have given instructions to a new depositary you have never heard of, to pay you in full ''later in the day'' — these assurances being brilliantly unlikely, categorically unprovable but falling maddeningly short the fence which bounds the realms of commercial probability, so you just ''don’t know if he’s shitting you'' — this is a time when even the sensible folk in the organisation have lost their heads and are blaming it on you, and what ''you'' need is a calm, collected and easy-to-follow guide that will help you step through the labyrinth of closing out an ISDA while your risk guy calls you every forty-five seconds. | |||
And guess what: the [[JC]] is here for you, folks. | |||
{{failure to pay procedure|isdaprov}} | |||
{{sa}} | |||
*[[Close-out netting]] | |||